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Hyundai ups market share after used car market resurgence

Hyundai dealers are trading “quite positively” after the resurgence of the used car market in the first quarter of this year.

However, managing director Tony Whitehorn said emphasis is now on retail sales of new models, particularly its small cars, as supplies of quality used models have reduced. 

Hyundai ended the first quarter with a market share of 1.88%, up from 1.35% in Q1 2008. That was a record for Hyundai, said Whitehorn. 

“If we can hold onto that as the market comes back it will be fantastic,” he added.

Dealer council chairman Bill Cook, dealer principal of Southend Hyundai, said Hyundai UK’s decision to guarantee dealers’ full margin in Q1 had allowed them to trade aggressively on the brand’s value proposition, improved quality and five-year warranty. 

Customers were trading in from mainstream brands such as Nissan, Renault, even Saab. “There doesn’t seem to be badge snobbery,” he said.

Getz has been incentivised on run-out and its replacement, the i20, has been expanded with the introduction in April of the three-door variant after the five-door’s arrival in January. 

Its city car, i10, was its top selling model in Q1 with 3,241 registrations, although Whitehorn expects i20 to account for most sales by the year-end.

“We’re getting older customers coming in because they’re drawing out their savings, and younger people who can’t get finance from banks are taking our PCP deals, particularly on i10,” Whitehorn said.

The scrappage allowance and higher incentives from Hyundai now put the i10 on the market for below £5,000.

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